Home Business ADEX signs AED92 million financing agreement with Togo to raise capacity of Mohamed bin Zayed Solar PV Complex

ADEX signs AED92 million financing agreement with Togo to raise capacity of Mohamed bin Zayed Solar PV Complex

by Dubai Forum
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ABU DHABI, 8th December, 2022 (WAM) –The Abu Dhabi Exports Office (ADEX) signed an agreement with Togo’s Ministry of Economy and Finance to raise the production capacity of the Mohamed bin Zayed Solar Park in the country from the current 50 megawatts to 70 megawatts. In addition, the financing will help procure 4MWh solar energy production storage system.

Under the agreement, the Abu Dhabi Exports Office will provide a loan of AED92 million (US$25 million), while the Emirati company EMEA Power will undertake the construction and operation of the new complex.

This agreement comes on the heels of a provision of AED37 million ($10 million) financing from ADEX in January this year. Thus, the total value of ADEX’s financial contribution towards Mohamed bin Zayed Solar Park in Togo amounts to AED128.5 million (US$35 million).

The agreement was signed by Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development and Chairman of the Executive Committee of the Abu Dhabi Exports Office, and Sani Yaya, the Minister of Economy and Finance in Togo, in the presence of Mawunyo Mila Ami Aziable, Minister of Energy & Mines in Togo, Hussain Jassim Al Nowais, Chairman of the Board of Directors of AMEA Power; and Khalil Al Mansouri, Acting Director General of Abu Dhabi Exports Office.

The project is considered a major enabler of the Togolese government’s national strategy for renewable energy, as it will raise the share of renewable energy in the country’s total energy mix 2030 and make energy more accessible to the population, with 225,000 households expected to benefit.

Al Suwaidi said, “The agreement supports the continuation of the contribution of Abu Dhabi Fund for Development to the Mohamed bin Zayed Solar Energy Complex in Togo, embodies its keenness to sustain partnerships with beneficiary countries, and reflects Abu Dhabi Exports Office’s determination to maintain cooperation with the country. This is also an important step towards enabling Emirati companies to increase their presence in the global market. By creating an opportunity for AMEA Power, the project also supports the UAE’s economic diversification and export promotion strategy. We are equally happy to be able to promote renewable energy and innovative solutions in Togo and help its people to reduce their carbon footprint. This in turn will benefit the environment.”

Al Nowais said that the project reflected the UAE’s interest to strengthen partnerships with African countries. “The project is in keeping with the country’s strategic objective to drive economic development and sustainability globally through the promotion of clean-energy solutions,” he said, as he praised ADEX’s effort to advocate for Emirati goods and services around the globe and to add momentum to the UAE’s effort to strengthen and diversify its own economy.

Al Nowais also highlighted ADFD’s contribution to the solar energy project, which he said would have a “tangible impact on Togo’s developmental efforts”.

In 2021, Abu Dhabi Fund for Development financed the first phase of Mohamed bin Zayed Solar Energy Complex at a value of AED55 million ($15 million). Mohamed bin Zayed Solar Energy Complex aims to reduce CO2 emissions by 9,500 tonnes per year, accelerate the country’s transition to renewable energy sources, stimulate sustainable economic growth in Togo and create hundreds of jobs for local people.

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